The DeFi Stack

通過 Spencer Applebaum

| 20 minute read

Open Finance is one of Multicoin’s three Crypto Mega Theses, wherein Open Finance is a superset of DeFi. Over the past 12 months, there has been an explosion of activity in DeFi on Ethereum: there is $13.6 billion in capital participating in DeFi, up more than 20x over the last year.

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The DeFi Stack

Open Finance is one of Multicoin’s three Crypto Mega Theses, wherein Open Finance is a superset of DeFi. Over the past 12 months, there has been an explosion of activity in DeFi on Ethereum: there is $13.6 billion in capital participating in DeFi, up more than 20x over the last year.

Our Investment in OXIO

I’m excited to announce Multicoin Capital’s investment in OXIO. We led OXIO’s $3.5M seed round last year, and now the company is emerging from stealth following a $12M Series A financing led by two of the top VCs in Latin America, monashees and Atlantico Capital.

Watch Fireside Chats with Solana, Helium, Ribbit Capital from the Fall 2020 Multicoin Summit

With another successful summit in the books, I’m delighted to share three of our most popular fireside chats from our fall summit. This year, we held our first virtual event, the first of hopefully many more to come. It was a great format that afforded us the opportunity to reach more people around the world and go deeper than we ever have before.

Trade-offs in the Decentralized BitMEX Space

One of the greatest innovations of modern financial markets is that traders can gain financial exposure to an asset without having to physically settle that asset—aka synthetic exposure. This dramatically expands the universe of traders who can trade in a given market, especially for harder to deliver assets. This is desirable because increasing traders and capital in a given market can help reduce volatility and increase liquidity.

探索流动性挖矿的设计空间

Decentralized Finance (DeFi) has recently seen an explosion of activity and public interest. The primary driving factor has been the discovery of “liquidity mining” as a mechanism to bootstrap liquidity. Broadly defined, liquidity mining occurs when users of a DeFi protocol are compensated in that protocol’s native token for interacting with the protocol.

开放式音频

印象中最令我欣喜的第一款互联网应用是Napster(网景浏览器)。当时是1999年,它下载歌曲的速度快达惊人的2.96Kb/秒。情况好一点的时候,下载速度甚至还可以到3.13Kb/秒。 在过去二十多年间,音乐一直是西方互联网审查最严格的内容。审查的浪潮在不同平台间一次次地上演。这些服务按照时间顺序大致为:Napster、Morpheus、Kazaa、Limewire、Piratebay、YouTube、SoundCloud、Spotify、Turntable.fm、8tracks、Apple Music等。

火币全球通用积分($HT)分析与评估

由于交易所平台币当前处于有实际需求并且未来存在着巨大机会的地位,它们目前是加密领域最有趣的一个组成部分。此前我们已经发表了一个[论点](https://multicoin.capital/2019/10/29/exchanges-are-open-finance/ "Exchanges are Open Finance "),认为平台币是获得开放金融敞口的最好方式,同时它们具备巨大的增长潜力。交易所做成规模存在着显著的门槛,这也给现有企业提供了一个清晰的竞争优势。该论点已经被最大型交易所的产品水平整合所证明。

DeFi的隐形天花板

去中心化金融(DeFi)生态在过去两年间取得了长足发展,我也一直在考虑协议层面的竞争力和市场规模。我在四月份对前者进行过分析,本文将侧重于研究后者。 对以太坊目前的DeFi现状,我最大的担忧是它受制于一种或几种隐形天花板(在下文我会进行解释)

闪电2020:面向比特币Web3开发者的工具包

很多对Web3感兴趣的开发者和投资者在几年前就放弃了基于比特币区块链进行开发的念头,他们认为比特币受限的吞吐量、过高的延迟和保守的可编程性让比特币开发可望不可即。实际上这也是以太坊和当今众多Web3平台(如Arweave、Cosmos、Polkadot、Solana等)诞生的原因。人们普遍认为这些新平台提供的功能是比特币无法实现的……直到现在。

论DeFi协议的分叉

随着一批一层区块链将要上线,我一直在思考以太坊的网络效应,以及基于以太坊DeFi协议的护城河(defensibility)。 几年前,我写了一篇关于非主权一层网络货币(如比特币和以太坊)网络效应的文章。此后以太坊上的DeFi生态繁荣发展:通过几十个DeFi协议,基于一些大型的资金质押池,用户们先后获得了数亿美元的贷款。